SENSEX NIFTY
Dec 13, 2012, 03.16 PM IST | Source: Reuters

FTSE lowers its free float weighting for ITC

ITC slumped as much as 3.9 percent on Thursday after FTSE lowered its free float weighting for the cigarette maker in its global equity index series, according to the web site of the index provider.

FTSE lowers its free float weighting for ITC

ITC slumped as much as 3.9 percent on Thursday after FTSE lowered its free float weighting for the cigarette maker in its global equity index series, according to the web site of the index provider.

The changes, which are effecting as of the close of trade on December 21, would impact passive trackers of FTSE indexes. Citigroup said in a note the change in free float weighting could lead to selling of 36 million shares in ITC, amounting to $200 million.

FTSE also increased Kotak Mahindra Bank's free float weighting to 35 percent from 33 percent and IndusInd Bank's to 49 percent from 24 percent.

ITC shares were down 3.7 percent as of 11:32 a.m., but IndusInd Bank gained 2.3 percent. Kotak Mahindra was down 0.2 percent.

READ MORE ON  ITC, FTSE, Kotak Mahindra Bank

ADS BY GOOGLE

video of the day

All portents good; optimistic for next few Diwali's: Damani

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.